Steps to take when applying for a payday loan in the UK

Everybody says getting a payday loan is easy, but have you considered the application process?  It is not as easy as it may seem, you need to set up a well informed account with the right payday lenders to get your loan approved. Below are some few steps to follow

Choose the right payday loan

You need to find the most suitable payday loan for your finances. To do this, you have to ask yourself how much you need and how long you want to borrow it for.  You should avoid taking more money than you really need so that you won’t have to pay more interest rates during the repayments.  How many times are you willing to sacrifice your salary to make the payday loan payments? Limiting the amount you take will minimise your expenditure and the interest rates.

You can check for suitable interest rates by visiting different payday websites. This is the best way to find a pocket friendly loan. The goal is to save as much as you can by spending minimal cash on the interest.

Check if you are eligible before you apply for a loan

Even with a bad credit history, some payday lenders will approve your loan application. the qualifications for a payday loan are real simple; you need to be 18 and above, a UK citizen, be a bank account holder and for some lenders, have a consistent job.

You may not qualify for a loan if you have been declared bankrupt or are on a debt management plan. To avoid rejection, get information about the terms of application on the payday website

When you have found a suitable website, start your application.

Payday loan application is easy once you have a specific website or lender in mind. All you have to do is click on their website, if you do not already own an account you create one. Fill in all the required details, once you have an account created start the application process.  Most payday sites have a specific amount for first time lenders, if you are a regular the choice is wider and you can specify the amount you want to borrow as long as you are eligible

Cross check your personal information

Any wrong information on your data will cost you your loan application. Go over all your details to make sure everything is correct before you make a final decision. You should be most concerned about your bank account because this is where the money is sent to when your loan is approved.  Secure your account with a strong password to avoid hackers and identity thieves from accessing your information.  You can keep track of your transactions through the online website. Every time you borrow and repay, the lenders update it on your account to keep you informed.

The application status

Most lenders give you a feedback within a few minutes while some may take up to two days to make a decision. When the loan is approved the money is sent into your bank account within a few minutes or 24 hours. If your application is rejected, contact the lender to find out more about the issue

Final word

When you are applying for a payday loan, beware of the scammer and fraudsters pausing as payday lenders. Check for the policy and licence of the website before you sign up for an account.


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